CREC Visits Sacramento, CaliforniaJanuary 22, 2015
CREC President and Senior Vice President of Technical Assistance, Ron Kelly, visited with leaders from the California Infrastructure Bank and the California Pollution Control Financing Authority in Sacramento, California regarding the state’s loan guarantee, collateral support, and capital access programs. This project is a part of CREC’s ongoing involvement with the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI).
The California Infrastructure and Economic Development Bank (IBank) was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities.
The California Pollution Control Fiancing Authority (CPCFA) is a “conduit user” of tax-exempt private activity bonds. CPCFA is able to facilitate low cost financing qualified waste and recycling projects. CPCFA partners with sister state agencies to achieve the State’s environmental policy objectives by administering high-impact financing programs designed to assist regulated entities and other stakeholders with accessing private capital.
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the “Act”). The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers. The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses.